3M (MMM) Sets New 12-Month High at $245.12
Shares of 3M Co (NYSE:MMM) hit a new 52-week high during trading on Friday . The company traded as high as $245.12 and last traded at $245.09, with a volume of 833278 shares trading hands. The stock had previously closed at $242.31.
MMM has been the topic of a number of analyst reports. Zacks Investment Research lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Wednesday. Deutsche Bank increased their price target on shares of 3M from $180.00 to $240.00 and gave the company a “hold” rating in a research report on Wednesday. Stifel Nicolaus increased their price target on shares of 3M from $220.00 to $244.00 and gave the company a “hold” rating in a research report on Wednesday, October 25th. Morgan Stanley increased their price target on shares of 3M from $190.00 to $201.00 and gave the company an “underweight” rating in a research report on Monday, October 2nd. Finally, Goldman Sachs Group reaffirmed a “sell” rating on shares of 3M in a research report on Thursday, October 26th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $232.15.
The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.47 and a current ratio of 2.07. The stock has a market cap of $145,980.00, a price-to-earnings ratio of 27.04, a price-to-earnings-growth ratio of 2.39 and a beta of 1.10.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.12. 3M had a net margin of 17.71% and a return on equity of 48.55%. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the previous year, the firm earned $2.15 earnings per share. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. equities research analysts expect that 3M Co will post 9.09 EPS for the current year.
In related news, VP Ivan K. Fong sold 2,348 shares of the company’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $233.12, for a total value of $547,365.76. Following the completion of the sale, the vice president now directly owns 24,479 shares of the company’s stock, valued at $5,706,544.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Khandpur K. Ashish sold 4,004 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $231.39, for a total transaction of $926,485.56. Following the completion of the sale, the vice president now directly owns 5,236 shares of the company’s stock, valued at $1,211,558.04. The disclosure for this sale can be found here. Insiders have sold 22,804 shares of company stock worth $5,303,706 in the last quarter. Company insiders own 0.58% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in MMM. Kopp Investment Advisors LLC increased its holdings in 3M by 0.4% in the 2nd quarter. Kopp Investment Advisors LLC now owns 5,281 shares of the conglomerate’s stock worth $1,099,000 after buying an additional 20 shares during the period. Smith Chas P & Associates PA Cpas grew its stake in shares of 3M by 2.0% during the 2nd quarter. Smith Chas P & Associates PA Cpas now owns 1,991 shares of the conglomerate’s stock worth $414,000 after purchasing an additional 39 shares during the period. Parallel Advisors LLC grew its stake in shares of 3M by 1.8% during the 2nd quarter. Parallel Advisors LLC now owns 3,101 shares of the conglomerate’s stock worth $624,000 after purchasing an additional 55 shares during the period. Capital Advantage Inc. grew its stake in shares of 3M by 4.8% during the 2nd quarter. Capital Advantage Inc. now owns 1,816 shares of the conglomerate’s stock worth $378,000 after purchasing an additional 83 shares during the period. Finally, Sandhill Capital Partners LLC lifted its position in shares of 3M by 0.5% during the 2nd quarter. Sandhill Capital Partners LLC now owns 16,851 shares of the conglomerate’s stock valued at $3,508,000 after buying an additional 88 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.
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3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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